TRIA Beauty, a California-based company that specializes in portable laser diode systems for hair removal, acne care, and skin wrinkle prevention, has delayed stocks on the volatility of the stock market.
Boasting support from the highly-recognized Kim Ka-Shan, the company applied for the S-1 registration form in January this year and has been hoping to increase its total revenue by approximately $80 million.
In a statement to announce a delay in listing, CEO Kevin Appelbaum said: "The recent volatility of the stock market and the continuing unstable environment of the global economy do not attract us to price the transaction at the moment."
The company's most important product to date is the diode laser device for hair removal, which accounts for the vast majority of its sales. The company also sells non-laser Blu-ray systems for acne care, and the company has been working on a new product for skin wrinkle prevention and is expected to be released this year.
The first clinical trial of a physician and the return of a customer to the home are the design principles of all equipment based on light for aesthetic care, which is considered a strong trend in the aesthetics market.
The implementation of this delay coincided with a very difficult period for the company. Despite venture capital, the company has attracted approximately $47 million, which has exceeded all investments including Aisling Capital, De Novo Ventures, Vivo Ventures and Technology Partners Fund for several years, but it is linked to the US Securities and Exchange Commission (SEC). The application for the S-1 document indicates that the company has suffered huge losses and needs to pay off huge loans.
In January, just after the last round of equity funds, TRIA reached a $27 million loan deal with the bank with all corporate assets except intellectual property. So far, part of the 20 million loans obtained through loans have been used to pay off the outstanding loan certificates, but the interest on new loans in which the operating losses are rapidly deteriorating has been raised by 9.4%, and the company continues other sources of cash.
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